OIS-3340 Capstone Project
TOPIC: Are countries with high growth rates for urbanization more likely to undergo
deforestation?
REAL-WORLD DATA:
Urbanization- http:/wdi.worldbank.org/table/3.12#
Deforestation- http:/wdi.worldbank.org/table/3.4
BUSINESS QUEST
Data
interarrival time
average
stdev
Calculation
2 minutes
3 minutes
servers
3 employees
processing time
average
stdev
4 minutes
2 minutes
utilization
Cva
CVp
processing time factor
utilization factor
variability factor
Wait time Tq
Arrival rate R
total t
OIS 2340
Chapter 4 Homework
Question 1
Cross County Bicycles makes two mountain bike models that each come in three colors.
The following table shows the production volumes for last week:
Based on the relative frequency assessment method, what is the prob
Chap 6&7 Graded HW
Question 1
A randomly selected value from a normal distribution is found to be 2.1 standard
deviations above its mean. What is the probability that a randomly selected value from
the distribution will be greater than 2.1 standard deviat
OIS 2340
Chapter 3 Graded Homework
Question 1
Portfolio A of a collection of stocks is considered more risky than portfolio B if:
portfolio A has a higher mean than portfolio B.
portfolio A has a higher variance than portfolio B.
portfolio A has a higher
OIS 2340
Chap 5 Graded HW
Question 1
If a binomial distribution applies with a sample size of n = 20, find the probability of at
least 7 successes if the probability of a success is 0.25.
0.3123
0.1814
0.2142
0.2333
Question 2
A corporation has 11 manufac
Interquartile Range
IQR=Q3 - Q1
CHAPTER 1
No Equations
CHAPTER 2
Population Variance
()2
2 =
Relative Frequency
Relative frequency =
Class Width
W=
Sample Variance
( x )2
s2=
1
CHAPTER 3
Population Standard Deviation
=
()2
Population Mean
=
Sample S
CHAPTER 6
Converting to the Standard Normal Random
Variable
=
CHAPTER 7
Standard Error or Standard Deviation of x for
an Infinite Population or a Large Finite
Population (
x
<.05)
n
z-value for sampling distribution of x
x
=
Population Proportion
p=
Sam
Sample Size for an Interval Estimate of a
Population Mean
Chapter 8
Interval Estimate (Confidence Interval) of a
Population Mean: Known
x z / 2
n
Interval Estimate of a Population Mean:
Unknown,
s
n
x t / 2
Interval Estimate of a Population Proportion
p
STANDARD NORMAL TABLE (2)
Entries in the table give the area under the curve
between the mean and z standard deviations above
the mean. For example, for z = 1.25 the area under
the curve between the mean (0) and z is 0.3944.
mmmmmmm 0.09
0.0 0.0000 0.00
Sample Size for an Interval Estimate of a
Population Mean
Chapter 8
Interval Estimate (Confidence Interval) of a
Population Mean: Known
x z / 2
n
Interval Estimate of a Population Mean:
Unknown,
s
n
x t / 2
Interval Estimate of a Population Proportion
p
Solution:
Choose plugs as the segment. Mean () is 3.5 (per sheet) so 7 in two sheets
10 or more = 9 or less in 2 sheets
P(10 or more) = 1 P(9 or less)
P(9 or less) = P(9) + P(8) + P(7) + P(6) + P(5) + P(4) + P(3) +P(2) + P(1) + P(0)
P(9) =(79 e-7) / 9! =
Solution:
Overall Combination: 11 plants, 4 are chosen =>
= 330
3 from the US => 3 domestic plants => 1 foreign plant
This situation combinations:
7 domestic plants, 3 chosen =>
= 35
4 outside US, 1 must have been chosen to total 4 plants chosen =>
P(3 pl
Solution:
1) Find the Mean ( or E(x) -> Expected value = x P(x)
x
P(x)
x P(x)
2
0.27
0.54
3
0.25
0.75
4
0.28
1.12
5
0.13
0.65
6
0.04
0.24
7
0.03
0.21
(sum)
1.00
3.51
Mean number of people per household = 3.51
Concept: Discrete Probability
Formulas:
Check
Solution:
Overall Combination: 20 stocks, 7 are chosen =>
This situation combinations:
P(all large cap)
P(all large cap) =
= 120
P(all large cap) = 120 / 77520 = 0.0015
Concept: Hypergeometric Probability
Formula:
Where each
is an event and the number of
Concept: Binomial Probability
Formula:
Where: n is the number of events, x is the number of events you are looking for
(errors in this question), p is the probability of success (0.30 in this question), and
q is equal to (1 p) = 0.70
n = 10
P(3 successes)
Solution:
Choose 15 mins as a segment. Mean () is 3 (per 15 minutes) (DIFFERENT
THAN ABOVE)
No customers = 0
P(0) = (30 e-3) / 0! = 0.049787
Rounds to: 0.0498
So P(0 customers in 15 minutes) = 0.0498
Concept: Poisson Probability
Formula:
Solution:
= 330
Overall Combination: 11 plants, 4 are chosen =>
2 or more => 2, 3, or 4 plants outside the US => 2, 1, or 0 domestic plants
This situation combinations:
2 and 2:
4 plants outside US, 2 chosen =>
= 6
7 domestic, 2 must have been chosen to t
Concept: Binomial Probability
Concept: Binomial Probability
Formula:
Formula:
Solution:
E(x) = Expected value = (20) (0.20) = 4
Where: n is the number of events, x is the number of events you are looking for
(errors in this question), p is the probability
Solution:
Choose 1200 word passage as a segment. If error rate is 3 per 400 word passage,
Mean () is 9 (per 1200 word passage)
Fewer than 9 => 8, 7, 6, 5, 4, 3, 2, 1, or 0 errors
P(8) =(98 e-9) / 8! =
P(7) =(97 e-9) / 7! =
P(6) =(96 e-9) / 6! =
P(5) =(95